Minneapolis-based SearchAmerica, a part of Experian and a provider of financial clearing services for health care, has launched Collection Performance Advisor, which equips hospital financial managers with a decision engine to better control patient receivables and increase collections.
The technology also provides centralized reporting to monitor the performance of all collection resources using consistent metrics. The new Collection Performance Advisor service yields collection decisions based on a hospital's particular objectives and industry best practices to help hospitals:
- Increase patient cash collections
- Objectively measure and compare performance of all collection resources
- Assign patient accounts to the best-suited collection team or outside agency
- Track patient populations and payment performance to optimize collection processes
- Gain visibility of collection performance through centralized reporting
- Benchmark collection team performance against one another and industry peers
- Forecast future cash collections and bad debt reserves
"Regardless of the industry, collections are growing increasingly more complex and challenging," said Dan Johnson, president of SearchAmerica. "Hospitals need a simple way of applying analytics and data in order to route patient accounts to the most effective collection process.”
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